Epstein Secrets

s and thus the operators. For your convenience, we have summarize some of the provisions we believe are relevant for the casino industry: Page 68 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086627 CONFIDENTIAL SDNY_GM_00232811 EFTA01385343

& wage growth, and rising interest rates should result in a normalized same-store GGR growth rate of —2.75%. Including the impact from new supply (Resorts World Catskills, Tiverton, Hard Rock Atlantic City and MGM Springfield), we estimate 2018 GGR growth at 3.5%. We note that tax reform will provide the consumer wit

satellite casinos in Pennsylvania and the reopening of Revel in Atlantic City given the timing uncertainty related to those developments. Page 70 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086629 CONFIDENTIAL SDNY_GM_00232813 EFTA01385345

et. Regional gaming developments to come online in 2018 and 2019 include the Rain Rock Casino (Yreka, CA), Four Winds South Bend (South Bend, IN), Resorts World Catskills (Catskills, NY), Point Place Casino (Bridgeport, NY), MGM Springfield (Springfield, MA), Tiverton Casino (Tiverton; RI), Wynn Boston Harbor (Everet

$349 million) on revenues of $1.39 billion (+0.5% versus $1.38 billion). Factoring capital expenditures of $194 million, cash interest of Page 90 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086649 CONFIDENTIAL SDNY_GM_00232833 EFTA01385365

arealy. We continue to expect Mohegan Gaming to further improve its balance sheet in preparation for the fierce competition that it will face from Resorts World Catskills, MGM Springfield and Wynn Boston Harbor. Further, we believe that the exposure by the company to South Korea is limited. as the $200 million invest